Basic Appraisal Principles Mckissock
UPDATED ACTUAL Exam Questions and
CORRECT Answers
promote and maintain, public trust - CORRECT ANSWER - The intent of USPAP is to
____________ a high level of __________ in professional appraisal practice.
wage levels - CORRECT ANSWER - Which of the following would NOT be considered a
governmental influence on value?
employment rates - CORRECT ANSWER - Which would NOT be considered factors in
supply analysis?
escheat - CORRECT ANSWER - Which of these would be considered a public restriction
on real property ownership?
3000 - CORRECT ANSWER - The number of required experience hours for Certified
General Appraiser applicants is ____ hours.
Property Rights - CORRECT ANSWER - Real estate includes all of the following
EXCEPT
Imperfect - CORRECT ANSWER - The real property market is generally classified as a(n)
__________ market.
Salvage - CORRECT ANSWER - The price expected for a whole property, e.g., a house,
or a part of a property, e.g., a plumbing fixture, that is removed from the premises usually for use
elsewhere" is the definition of ____________ value.
market area - CORRECT ANSWER - The geographic region from which a majority of
demand comes and which the majority of the competition is located" is the definition of
, leased fee interest - CORRECT ANSWER - The ownership interest held by the lessor,
which includes the right to receive the contract rent specified in the lease plus the reversionary
right when the lease expires" is the definition of
leasehold estate - CORRECT ANSWER - The right held by the lessee to use and occupy
real estate for a stated term and under the conditions specified in the lease" is the definition of
cooperative - CORRECT ANSWER - What type of property ownership is characterized by
the purchase of shares of stock in a corporation, which provides a proprietary lease to occupy an
apartment unit?
Price - CORRECT ANSWER - USPAP defines _________ as the amount asked, offered,
or paid for a property.
estimate, opinion - CORRECT ANSWER - Modern definitions of the word "appraisal"
have replaced the word _______ with ________.
vacant land and improved property - CORRECT ANSWER - The principle of highest and
best use applies to
FDIC, OCC, FRB - CORRECT ANSWER - The federal financial institutions regulatory
agencies directly involved in fair lending include all of the following
GIS - CORRECT ANSWER - _________ is a computerized mapping system for encoding,
retrieving, analyzing and presenting geographic or spatial data.
omit the client's identity from the report but identify the client in the workfile - CORRECT
ANSWER - A client asks an appraiser to omit the client's identity from the appraisal
report. What can the appraiser do?
UPDATED ACTUAL Exam Questions and
CORRECT Answers
promote and maintain, public trust - CORRECT ANSWER - The intent of USPAP is to
____________ a high level of __________ in professional appraisal practice.
wage levels - CORRECT ANSWER - Which of the following would NOT be considered a
governmental influence on value?
employment rates - CORRECT ANSWER - Which would NOT be considered factors in
supply analysis?
escheat - CORRECT ANSWER - Which of these would be considered a public restriction
on real property ownership?
3000 - CORRECT ANSWER - The number of required experience hours for Certified
General Appraiser applicants is ____ hours.
Property Rights - CORRECT ANSWER - Real estate includes all of the following
EXCEPT
Imperfect - CORRECT ANSWER - The real property market is generally classified as a(n)
__________ market.
Salvage - CORRECT ANSWER - The price expected for a whole property, e.g., a house,
or a part of a property, e.g., a plumbing fixture, that is removed from the premises usually for use
elsewhere" is the definition of ____________ value.
market area - CORRECT ANSWER - The geographic region from which a majority of
demand comes and which the majority of the competition is located" is the definition of
, leased fee interest - CORRECT ANSWER - The ownership interest held by the lessor,
which includes the right to receive the contract rent specified in the lease plus the reversionary
right when the lease expires" is the definition of
leasehold estate - CORRECT ANSWER - The right held by the lessee to use and occupy
real estate for a stated term and under the conditions specified in the lease" is the definition of
cooperative - CORRECT ANSWER - What type of property ownership is characterized by
the purchase of shares of stock in a corporation, which provides a proprietary lease to occupy an
apartment unit?
Price - CORRECT ANSWER - USPAP defines _________ as the amount asked, offered,
or paid for a property.
estimate, opinion - CORRECT ANSWER - Modern definitions of the word "appraisal"
have replaced the word _______ with ________.
vacant land and improved property - CORRECT ANSWER - The principle of highest and
best use applies to
FDIC, OCC, FRB - CORRECT ANSWER - The federal financial institutions regulatory
agencies directly involved in fair lending include all of the following
GIS - CORRECT ANSWER - _________ is a computerized mapping system for encoding,
retrieving, analyzing and presenting geographic or spatial data.
omit the client's identity from the report but identify the client in the workfile - CORRECT
ANSWER - A client asks an appraiser to omit the client's identity from the appraisal
report. What can the appraiser do?
